- TomaGold (LOT) has uncovered significant mineralization at Obalski with 23.7 g/t Au and 24.5 g/t Ag over 0.5 m
- Additional results include 23.6 g/t Au and 2.9 g/t Ag over 0.5 m, and 0.46 g/t Au and 0.32 g/t Ag over 18.75 m
- The company is planning a 10,000 m follow-up drilling program to start in April
- The company is also re-analyzing certain drill samples using a leaching procedure based on historically favourable results
- TomaGold is engaged in the acquisition, assessment, exploration and development of gold mineral properties in Canada
- TomaGold (LOT) is trading flat at C$0.075 per share
TomaGold (LOT) has uncovered significant mineralization at Obalski with 23.7 g/t Au and 24.5 g/t Ag over 0.5 m.
These results stem from the last four holes of a seven-hole 2,502 m drilling program on the Obalski property in Chibougamau, Quebec.
Drilling began in December 2020 and ended on February 18, 2021.
The program's goal was to better define the A-Po zone, specifically sections 450 E and 120 E. Drilling was also aimed at intersecting the A, C and D zones, some of which had already been mined underground and put through minor surface work. Additional results include:
- Hole OBS-21-007: 23.6 g/t Au and 2.9 g/t Ag over 0.5 m
- Hole OBS-21-007: 0.46 g/t Au and 0.32 g/t Ag over 18.75 m
The company is planning a 10,000 m follow-up drilling program to start in April.
David Grondin, President and CEO of TomaGold, commented,
"These latest results appear to confirm the continuity of the A-Po North and South zones, warranting a 10,000-metre follow-up program to start in April. The new program is aimed at defining the A-Po zone by drilling every 50 metres between sections 120 E and 450 E to a vertical depth of at least 500 metres, with some holes reaching a vertical depth of 650 metres.
We believe that the results of this first program are a good indicator of the gold potential that lies below. The work is expected to take approximately four months to complete."
The Obalski property covers 345 hectares, including a 33-hectare mineral concession. It produced 100,273 tonnes at grades of 1.14% Cu, 2.08 g/t Au and 6.04 g/t Ag from the A zone between 1964 and 1972, and approximately 9,000 tonnes at 8.5 g/t Au from the D zone in 1984.
In parallel with the drilling program, Corem will re-analyze samples from certain mineralized zones using a leaching procedure.
In 1987, Syngold Exploration, a previous owner, decided to re-run samples using a leaching procedure. Notably, leaching returned an average of 2.1 g/t Au over 17.1 m.
A more detailed reinterpretation of the geology, structure and mineralization is underway.
TomaGold is engaged in the acquisition, assessment, exploration and development of gold mineral properties in Canada. It has interests in five gold properties near the Chibougamau mining camp in Northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda.
TomaGold (LOT) is trading flat at C$0.075 per share as of 11:09 am ET.